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Do you know anything about this topic? Share your expertise with our thousands of visitors each day by submitting your quality, informative 'Accounting' article, and if you become a member we will pay you for your unique and original work (note that all submissions are reviewed by our editors). Your Accounting Guide is Michael Russell. Recent articles submitted to your independent guide to Accounting 1. Careers In Accounting - By: Michael Russell Accounting is the process used by organizations to record, measure and interpret their financial transactions. It is also a vital component of any viable business. Large and small companies both use accounting to determine how they are spending their money. Any business can analyze and use the data ... Featured ArticleAccounting For Your Home Business Taxes Tax time is nerve-wracking for most of us, especially non-accountant business owners. The task seems daunting. It’s not your day-to-day accounting chore. From gathering all the information, to finding the right accountant, to assuring you take all the deductions you’re entitled to, it can be a frustrating, time-consuming challenge that could take you away from looking after your business if you’re not well organized. Here are some things you can do to make this season easy on yourself. ...
Read full story 2. Accounting – A Wise Career Choice - By: Michael Russell When many people think of accountants, they imagine a man in a business suit, sitting in a stuffy cubicle, crunching numbers all day. Perhaps that was the accounting of the past. Today accounting is a field with a wide variety of options and endless opportunities. The demand for people with accoun... 3. Accounting Scandals Destroy Lives - By: Michael Russell Accounting is the bookkeeping method used to create financial records of business transactions for a business. Statements regarding the assets, liabilities, and operating expenses of a business are the basis of accounting. An accounting scandal is corporate misuse or misrepresentation of funds typ... 4. Accounting - 4 Gimmicks You Must Know About Now! - By: Michael Russell So you’d like to spend sometime investing your money and making your money work for you while you sleep. If you are like most investors, you have learned about accounting, business, finance, and economics. However, when it comes to accounting, what you don’t know can very well be hurting your pocket... 5. Is A Smaller Accounting Firm Right For You? - By: Michael Russell Large accounting firms come highly recommended for any ambitious accountant or accounting student who’s eager to make it to the top of the field. The “Big 5” is the way to go! Working for one of these prestigious firms or an international firm for a few years will skyrocket your resume and your sa... 6. Accounting - Three Major Areas - By: Michael Russell There are three major functional areas in accounting, which need to be considered in modern day accounting for any business. The three are financial, cost and management accounting. The first area, namely financial accounting, is primarily useful for ascertaining the results of the bus... 7. Forensic Accounting – Be A Financial Detective - By: Michael Russell Forensic accounting is one of the newly identified types of accounting jobs available. A forensic accountant is either an internal or external auditor who is brought in to investigate a case of fraud, bankruptcy or other legal conflict. He or she audits the situation and comes to a conclusion rega... 8. Control Your Accounting And Bookkeeping Costs - By: Michael Russell WHY HIRE AN ACCOUNTING ASSISTANT? When you first started your business, you probably did your own accounting; and that worked out fine. You were short on spendable capital, and doing most of the necessary chores yourself was the only way to get started. But eventually, you got to a po... 9. Accounting Detectives: Auditors - By: Michael Russell Accounting isn’t generally considered one of the most exciting or adventurous career paths. Accountants have the image of doing boring, repetitive tasks day after day, month after month, and year after year. But a special type of accountant, an auditor, can be performing a wide variety of interest... 10. A Career In Management Accounting - By: Michael Russell Often this area is referred to as “Reporting” in the company structure, but it is so much more than that! Management accounts are concerned with: • The process of identification, measurement and accumulation of product and service costs • Preparation of statements relating... 11. Generally Accepted Accounting Principals: A Primer - By: Michael Russell Accountants are the keepers of the standards. They are the ones who make sure that when we look at a financial statement, we can be reasonably that it was built using sound accounting practices and that it is comparable to other audited financial statements for other companies. That soun... 12. Does Your Accounting System Measure Kpis? - By: Michael Russell Every accounting system measures cash, deferrals and accruals according to Generally Accepted Accounting Standards. Every accounting system outputs various statements and reports that show the financial health of the company at a point in time. Law, investors, and common sense usually require this... 13. Accounting And Your New Small Business - By: Michael Russell You are going to start your own business. You are going to be your own boss. You are going to set your own hours. You are going to make lots of money. You know you have a lot to learn about all that is required to have your own business and you know that keeping records is not only something you... 14. Accounting - Its Role Past And Present - By: Michael Russell To begin with let's examine the old concept of accounting. The age old concept of accounting is that of historical accounting. The accountant recorded the expenses, sales and income at the end of the period. Typically for the historical accounting process only two statements were important. First pr... 15. Accounting For Your Home Business Taxes - By: Michael Russell Tax time is nerve-wracking for most of us, especially non-accountant business owners. The task seems daunting. It’s not your day-to-day accounting chore. From gathering all the information, to finding the right accountant, to assuring you take all the deductions you’re entitled to, it can be a fr... 16. Small Business Accounting Systems - By: Michael Russell You're beyond the paper and list-keeping stage. Thankfully, your business has grown to a point where you know you will have at least weekly income and expenses. Soon it will be daily. It's already starting to get hard to do your accounting manually, and it will only get worse. What do you want t... 17. The Powerful Profit And Loss Statement - By: Michael Russell The Profit and Loss Statement, also called the Income Statement for accounting, has five important parts: 1) Incomes, 2) Other Incomes, 3) Expenses, 4) Other Expenses, and 5) Net Income or loss. It conveys how the business received and spent monies during the period of the statement. The statement c... 18. The Importance Of The Balance Sheet - By: Michael Russell The Balance Sheet for accounting is an extremely important and often used statement of entity condition. It shows the extent of entity ownership of assets, liability, and equity at a given point in time. This point is the date on the statement. It is a physical representation of the 'accounting equa... 19. Accounting Detectives: Auditors - By: Michael Russell Accounting isn’t generally considered one of the most exciting or adventurous career paths. Accountants have the image of doing boring, repetitive tasks day after day, month after month and year after year. But a special type of accountant, an auditor, can be performing a wide variety of interesti... 20. Become Familiar With The Statement Of Cash Flows - By: Michael Russell Many people are familiar with two important financial statements, the Profit and Loss and the Balance Sheet. Fewer of them recognize the Statement of Cash Flows (also referred to as the Sources and Uses Statement). Additionally, while the physical layout of the statement has many variations, the gen... 21. Accounting - Explaining The Income Statement - By: Michael Russell In layman’s terms, what is the income statement? We will look at the various components of the income statement: revenues, cost of goods sold, expenses, and net income. Income statements are helpful, because they will give you some history of the business in order to budget for future operations ... 22. Accounting For Your New Business - By: Michael Russell “I Can Keep It in My Head” No you can’t! No matter what size your new business is or will be, you’ll need to set up a system to keep track of your financial status. This must be done to prove your income to the government for tax purposes at the end of the year, to prove your status to ... 23. Accounting - Explaining The Balance Sheet - By: Michael Russell One of the fundamental financial statements of a business is called the balance sheet. In layman’s terms, what are the different components of the balance sheet? The nature of the balance sheet is that it is similar to a financial picture of the organization at a certain point of time (a... 24. The 3 Critical Financial Statements - By: Michael Russell There are three vital statements for understanding the condition of a business or entity: (1) the Profit and Loss Statement, (2) the Balance Sheet, and (3) the Sources and Uses Statement. Each of them provides a different perspective of how an entity is operating. Combined, they show examiners the ... 25. Accounting Periods And Methods - By: Michael Russell There are several basic things taxpayers must understand about accounting periods and methods. The two most popular methods used by taxpayers in accounting for their income, taxes and expenses are cash and accrual. Taxpayers using the cash method must report income in the year received and expense... Please feel free to submit your quality, informative article for our readers. |
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